FTX and Genesis Settle in Cryptocurrency Bankruptcy Case!

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FTX and Genesis Global Trading (GGC) have reached a settlement agreement approved by a New York bankruptcy judge. The settlement allows FTX-affiliated Alameda Research to receive $175m from GGC, after FTX debtors collectively asserted claims totalling approximately $3.9bn in May 2023. The approved settlement marks a significant reduction from the original amount claimed. Genesis previously reportedly said the settlement was “fair and equitable” and would allow the company to avoid pursuing “protracted litigation.” FTX creditors expressed discontent over the settlement and urged the Official Committee of Unsecured Creditors of FTX to contest the agreement in August 2023.